I got word from a financial expert that the Deutsche Post Bank ATMs in Germany are not working this weekend.

I have not been able to confirm this from another source as of yet.

Considering that RBS is saying their glitches won’t be fixed until July 31st and now Russia’s largest bank Sberbank is stopping all credit and debit card transactions. Then there is BNI who are saying they will not reopen until July 31st. Something big is happening with the banks shutting down.

This is a long line of unprecedented bank glitches.

Back in early June, BNI, a bank in Italy “closed”, supposedly until July 3rd. It has not reopened and now is saying that July 31 they will reopen. Let’s call that “glitch #1”. Then, a couple of weeks back, RBS (Royal Bank of Scotland)- NatWest and Ulster Bank were hit by a “computer glitch” that still today affects a supposed 100,000 clients (maybe they forgot a zero or two?) and all of Ulster’s clients are affected. “2nd glitch”. http://uk.finance.yahoo.com/news/rbs-computer-glitch-ulster-bank-204808954.html So, “cash” is tight in Scotland and Northern Ireland because of a “glitch”. Then, yesterday, Sperbank, the largest bank in Russia (more than double its next competitors size) got “glitched” and are not processing any debit or credit card transactions. http://www.zerohedge.com/news/rbs-glitch-goes-airborne-biggest-russian-bank-halts-all-credit-debit-card-operations (3 glitchy stikes?) This morning I woke up to hear that Deutsche Postank AG has all of its ATM’s down (which was how BNI started). This “glitch” really perked my ears as now there are too many, “glitches” to be a coincidence.

That last sentence says it all,

there are too many, “glitches” to be a coincidence.

or better yet, the following quote

To put it bluntly, the shit house is coming down. It is coming down RIGHT NOW and HAPPENING right now.

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Its has been reported by Interfax that Russia’s biggest bank Sberbank is having problems with its debit & credit cards. All transactions have been stopped.

RUSSIA-SBERBANK-CARDS-MALFUNCTION MOSCOW. July 6. (Interfax) – Sberbank of Russia (RTS: SBER) has suspended credit and debit card operations due to a technical malfunction, the bank told Interfax. “All cards are not being serviced,” it said.

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While all eyes have been on European banks lately, China has managed to slip under the radar largely as the economy slows down. What gets very little focus is China’s property bubble has come to an end and of course the story then takes a familiar path. Banks get in trouble.

The story coming out of China today is of a bank run in the city of Wuyishan as reported by ZeroHedge.

bank runs have spread to China’s industrial and construction-heavy city of Wuyishan. Queues were seen on various branches of China Construction Bank, Agricultural Bank of China, and Industrial and Commercial Bank of China.

The reason which triggered the bank run was that there was a company that has just gone bust, with the founder and other executives ran away, brining probably RMB1 billion or more away with them. The company in question looks like a Ponzi scheme. It has set up an online shopping site which, on top of selling stuff, asks people to sign up and pay a certain among of money (e.g. RMB1,600), then the company will pay people back at a rate of RMB20 a day (a fee of 5% out of this RMB20 is deducted). It sounds like a pretty good deal for the members, as far as it is working. Based on the bank statement of the members obtained by 21st Century Business Herald, the company did pay back quite a fair amount, but, of course, the company has sucked up more than it has ever had a chance to pay back.

As the company went bust and the boss disappeared, the members of the website who have paid quite a lot of money in hope to be paid back even more became rather angry, and went to the office of this company in Fuzhou (which is actually not at all near Wuyishan) to protest and smash things. However, as a lot of members of the website came from Wuyishan, people are worried. On late 30 May, there was apparently some chatter that the government is dealing with the case, and will need to freeze personal bank accounts (presumably for investigations). As a result of this, people started queuing up at virtually all banks the next day. One local resident told the reporter that the city “has gone crazy”.

Now the boss is arrested, charged with taking deposits from the public illegally. But victims of the scheme are still counting, and the exact count of the victims of the scheme is not known. What is known is that because the website was so popular all over, the victims of this scheme will not be limited to one city of Wuyishan.

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With the Greek exit(Grexit) on the cards, there has been reports in the MSM of an ongoing bank run in Greece. Since last summer a lot of Greeks have been renting bank safety deposit boxes and hoarding but this has escalated since the election. theeconomiccollapseblog.com digs a little deeper into the bank run and suggests this is a sign of things to come, first in Spain and Italy, then elsewhere.

A Greek exit from the euro would not only result in a run on Spanish and Italian bonds, but it would also likely result in a run on Spanish and Italian banks.

If Greece is allowed to leave the euro, that will be a signal that other countries will eventually be allowed to leave as well. Nobody in their right mind would want their euros stuck in Spanish or Italian banks if those countries end up converting back to national currencies.

Fear is a powerful motivator. If Greece converts their euros back to drachmas, that will be a clear signal that all euros are not created equally. The race to move money into German banks will accelerate dramatically.

And a Greek exit from the euro is looking more likely with each passing day. Even the IMF is now admitting that it is a very real possibility….

Christine Lagarde, head of the IMF, warned she was “technically prepared for anything” and said the utmost effort must be made to ensure any Greek exit was orderly. The effect was likely to be “quite messy” with risks to growth, trade and financial markets. “It is something that would be extremely expensive and would pose great risks but it is part of options that we must technically consider,” she said.

Meanwhile, banks in other troubled European nations are already on shaky ground. The Spanish banking system is an absolute disaster zone at this point and on Monday night Moody’s downgraded the credit ratings of 26 Italian banks.

The situation in Italy is especially worth keeping a close eye on. As Ambrose Evans-Pritchard recently noted, things are not looking good for Italy at all….

Italy’s former premier Romano Prodi said the EU risks instant contagion to Spain, Italy, and France if Greece leaves. “The whole house of cards will come down”, he said

Angelo Drusiani from Banca Albertini said the only way to avert catstrophe is to convert the European Central Bank into a lender of last resort. Otherwise Italy faces “massive devaluation, three to five years of hyperinflation, and unbearable unemployment.”

Words of wisdom we should take note on.

It is imperative that we all understand that just because the global financial system works a certain way today does not mean that it must always work that way.

Right now, America is going down the same path as Greece, Spain and Italy have gone. Eventually we will hit a wall and our financial system will fall apart.

We need the American people to understand that the Federal Reserve system is a perpetual debt machine. The U.S. national debt is now more than 5000 times larger than it was when the Fed was first created. It is at the very core of our national financial problems.

When will people wake up and realize that central banking is the problem and not the solution?

When will people wake up and realize that national governments do not have to go into debt to anyone if they do not want to?

In our world today, there is far more debt than there is money.

It is a system that will inevitably crash.

But there are other alternatives.

Unfortunately, politicians all over the globe continue to want to be married to our current debt-based financial system.

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Reports over the weekend detail of a bank run in Latvia. Rumours that the Swedish bank Swedbank was facing liquidity problems panicked thousands of Lativans to ATM machines and queues have been observed over the last two days outside the bank withdrawing cash.